QAD, a provider of manufacturing and supply chain solutions in the cloud, has reported its first quarter fiscal 2022 results, showing a growth in total revenue to $83m, up from $74.1m for fiscal 2021 Q1, as a result of increases in each of the company’s revenue lines.
QAD’s Q1 2022 subscription revenue grew 19 percent from the year-ago quarter, and accounted for 44 percent of total revenue, a three-percentage point increase over last year’s first quarter.
The company received orders from 21 customers representing more than $500,000 each in combined subscription, license, maintenance and professional services billings.
Anton Chilton, QAD CEO said: “Continued improvement in performance drove growth in each of our revenue lines, expanded margins and improved profitability over the prior year. Results for the quarter demonstrated that we are on track toward achieving our long-term objectives. New customers continue to be attracted to our solutions, which help them manage complexities in the supply chain as the manufacturing economy returns to growth. With global PMIs at a 10-year high, our outlook is increasingly positive.”
For fiscal 2022 Q2, QAD is providing guidance indicating a subscription revenue of $38.5m, maintenance revenue of $26m and operating income of $1m. For the full fiscal 2022 year, QAD is maintaining guidance on a subscription revenue of $160m and maintenance revenue of $102m.
